KEF Reference 104/2 (1984–1991): The Coaxial Crown Jewel of British Hi-Fi

A flagship floor-standing speaker built around the Uni-Q driver, a point-source design that put coherence ahead of everything else in British loudspeaker design of the period.

Overview

The KEF Reference 104/2 was a high-end speaker from the 1980s, and it was a statement. It was built in Maidstone, Kent, in 1984, as the flagship of KEF's Reference series. The KEF Reference 104/1 had already earned respect, and the 104/2 refined what the 104/1 started. This was the speaker that showed KEF's Uni-Q coaxial driver wasn't a clever gimmick. Audiophiles, recording engineers, and even BBC studios took notice.

Many high-end speakers of the day chased bass extension or sheer scale. The 104/2 went after coherence. KEF mounted a 31mm T27 tweeter directly at the acoustic center of a 125mm B110 midrange cone, which gave a near-perfect point source. The soundstage was precise enough to put a solo violinist in your living room with unnerving realism. Two 165mm B402 bass drivers in a bass-reflex cabinet gave it authority and finesse. It wasn't the loudest speaker, nor the deepest, but it was often described as the most "believable." It cost $2,800 per pair in 1985 (over $8,000 today), which was not cheap.

Specifications

Type	3-way, bass-reflex floor-standing loudspeaker
Drivers	1 x 31mm T27 tweeter, 1 x 125mm B110 midrange, 2 x 165mm B402 bass
Crossover Frequency	700 Hz, 3.2 kHz
Frequency Response	45 Hz - 20 kHz ±3 dB
Nominal Impedance	8 ohms
Minimum Impedance	5.3 ohms
Sensitivity	87 dB (2.83V, 1m)
Recommended Amplifier Power	30–150 watts
Harmonic Distortion	<1% (90 dB, 1m, 300 Hz – 20 kHz)
Dimensions	980 mm (h) x 240 mm (w) x 300 mm (d)
Weight	24 kg per cabinet
Cabinet Finish	Rosewood, Walnut, Black Ash, Cherry (real wood veneers)

Key Features

Uni-Q Coaxial Driver: The heart of the 104/2’s magic. By aligning the tweeter’s acoustic center with the apex of the midrange cone, KEF achieved time coherence across the critical midrange and treble. This wasn’t just theory—on well-recorded jazz or chamber music, instruments occupied fixed, stable positions in space. No smearing, no “tweeter-in-a-hole” effect. It was, in the words of one reviewer, “like removing a pane of glass from in front of the music.”
Computer-Optimized Crossover: In 1984, “computer-optimized” still sounded like science fiction. KEF used early CAD tools to model phase response and impedance, resulting in a crossover that used high-grade metal-film resistors and polypropylene capacitors. The goal? Minimize signal degradation and maintain linearity. The result? A crossover that didn’t just divide frequencies—it preserved intent.
Real Wood Veneer Finishes: These weren’t paper-thin laminates slapped on particleboard. The 104/2 came in rich rosewood, deep walnut, elegant black ash, and warm cherry—all real veneers over a rigid MDF cabinet. They aged beautifully, developing a patina that matched their sonic character: refined, mature, and deeply British.
Dual Bass Drivers: While the coaxial unit handled the upper registers, two 165mm B402 bass units provided controlled, articulate low end. The bass-reflex port was tuned to 45 Hz, giving the 104/2 surprising authority for a speaker of its era—especially when paired with a good 50-watt tube amp.

Historical Context

The mid-1980s were a battleground for speaker supremacy. On one side stood the B&W 801, the "monitor speaker" favored by Abbey Road Studios, with its massive size and dramatic looks. KEF went the other way: precision over power, integration over spectacle. B&W relied on separate drivers and a massive cabinet. KEF bet on integration and time alignment. The 104/2 wasn't meant to fill a cathedral. It was meant to recreate the intimacy of a studio control room.

The 104/2 was a direct evolution of the KEF Reference 104/1, with improved driver matching, tighter tolerances, and a crossover that tamed the slight harshness some heard in early Uni-Q designs. In 1987, KEF released the KEF Reference 104/2S, a variant with a revised crossover that improved tweeter protection and smoothed the upper mids. It wasn't a new model, just a quiet upgrade for those paying attention. By 1991, the 104/2 gave way to the KEF Reference 104/2a, which brought updated drivers and a more modern aesthetic. Many argue the 104/2 was the purest expression of KEF's coaxial vision, before marketing and cost-cutting began to nibble at the edges.

Collectibility & Value

Today, the KEF Reference 104/2 is a sought-after classic. With "uncommon" rarity and "high" desirability, a well-maintained pair can fetch between $1,200 and $2,500 in 2025. Buyer beware, though. These are 30+ year-old speakers, and time has not been kind to all components. The foam surrounds on the B402 bass drivers are notorious for disintegrating, so look for units that have been professionally re-foamed. Early T27 tweeters also suffered from diaphragm fatigue, which gave a brittle, "tizzy" high end. Later production models (especially the 104/2S) improved this, but it's still a common failure point.

When buying, look for originality and condition. Original veneers with minimal fading, intact grilles, and clean binding posts (the 104/2S upgraded to better-quality posts) add value. Check for repair history. Many have been recapped or had crossovers rebuilt, which isn't necessarily bad, but know what you're getting. Listen if possible: a good 104/2 still outperforms many modern speakers in imaging and tonal balance. They're not for bassheads or home theater fans. Don't expect them to play EDM at reference volume - they were built for Vaughan Williams, not Skrillex.